Legend of Zelda Netflix Live Action Series News: Nintendo Denies Rumors

Bad news for Nintendo fans. If you are looking forward to a live-action series of "The Legend of Zelda," you might want to temper your expectations for the moment.

In a recent Time interview, Nintendo chief executive officer Satoru Iwata denied reports that Netflix is developing a series based on one of the gaming company's most famous franchises.

"As of now, I have nothing new to share with you in regard to the use of our IPs [intellectual properties] for any TV shows or films, but I can at least confirm that the article in question is not based on correct information," Iwata said.

While noting that the Wall Street Journal story where the allegation originated was based on inaccurate information, Iwata failed to categorically deny that Nintendo is looking into developing a television show based on one of the company's intellectual properties.

He was also unable to say outright whether the company has considered a partnership with Netflix or not, leaving a small glimmer of hope to "Zelda" fans.

Nintendo may very well still be considering branching out into TV or film, but it appears any such project is nowhere near being announced in the foreseeable future for now.

Iwata previously said Nintendo is exploring such unexpected opportunities, but the company currently has no announcements to make on those topics, PC News said.

Iwata issued the statement after revealing that they will be moving into developing mobile games, showing that the company is breaking down boundaries it previously had in place for itself.

Iwata also spoke extensively about Nintendo's move into the mobile market, and how the term "free-to-play" is so problematic in that space.

Free-to-play games are those you can download for free but offer players opportunities to make purchases early and often throughout their time with the game.

"I have come to realize that there is a degree of insincerity to consumers with this terminology, since so-called 'Free-to-play' should be referred to more accurately as 'Free-to-start,'" Iwata said.